John Deaton, founder of CryptolawUS and an advocate for XRP holders, spoke out against the SEC’s “aiding and abetting” allegations against Brad Garlinghouse, CEO of Ripple.
Deaton claims that the situation might have been prevented if the SEC had allowed previous executives Bill Hinman and Jay Clayton to testify sooner.
- In the Ripple v. SEC litigation, Digital Asset Investor said that he would have called former SEC employees Jay Clayton and Bill Hinman, as well as a16z attorneys Lowell Ness and Chris Dixon, as first witnesses. Jay Clayton reportedly assigned executives to oversee the Ethereum Free Pass Speech.
- Deaton concurred that Hinman must appear in court. Additionally, there was no opportunity to call a former SEC Chairman to testify in court.
- He does, however, think that charging CEO Brad Garlinghouse was a mistake on the part of the SEC. Jay Clayton, in particular, intended to bring a “non-fraud” case against executives on an individual basis.
- He contends that Jay Clayton is a crucial witness who needs to give testimony in court. Following the Hinman lecture, Garlinghouse told Clayton that his company is “living in purgatory.” Clayton and Hinman did not reply that XRP was a security, though.
- However, time, money, and effort that could have been spared in litigation and proceedings if Clayton and Hinman had provided clarification would have been better spent spreading the use of crypto. The SEC still fights to reverse Judge Torres’ finding that XRP is not a security.
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